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Brics Bank May Emerge

The BRICS nations may implement a joint financial system

The BRICS nations are expected to introduce a joint development bank and united stock index in a bid to strengthen their economic position.

According to an article on RT.com the plan is expected to be announced at the BRICS summit in New Delhi.

“If implemented this would be the first joint financial enterprise by the five countries, which account for 45 percent of the world’s population and a quarter of its economy at $13 trillion,” said RT.com

Should the plan for a joint bank be introduced it may come to rival existing banking giants like the IMF (International Monetary Fund) and the World Bank, according to experts. This means that existing financial institutions may be pushed towards reforms in order for them to face the challenges current conditions present.

Xiang Songzuo from Bank of China said he believed the BRICS bank would play a larger role than the IMF and World Bank in the global economy in the years to come.